Commentary

BB/13A/05 VAT—belated notification of an option to tax land and buildings—clarification of HM Revenue & Customs' policy

Part V16 Forms and other HMRC material

BB/13A/05 VAT—belated notification of an option to tax land and buildings—clarification of HM Revenue & Customs' policy

BB/13A/05 VAT—belated notification of an option to tax land and buildings—clarification of HM Revenue & Customs' policy

Business Brief, Issue 13. 5 July 2005

This Business Brief clarifies HM Revenue & Customs' (HMRC) policy in relation to the exercise of their discretion to accept a belated notification of an option to tax land and buildings. In particular, it explains the distinction between a belated notification and a retrospective or backdated option. This clarification is given following a rise in the number of attempts to notify options to tax that are retrospective or backdated.

Who is affected?

All those who seek acknowledgement of a decision to opt to tax (sometimes known as an election to waive exemption) outside the 30-day time

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